IFAC proposes new governance structure
Nov 03, 2005
The International Federation of Accountants (IFAC) has invited comments on proposed revisions to its Constitution intended to strengthen IFAC's governance arrangements both to enhance its operations and to conform with current best practices.
- IFAC Constitution. The Constitution will remain the primary governance and foundation document of IFAC, and the process for its amendment by the IFAC Council would remain unchanged.
- IFAC Bylaws. The Bylaws, a new document currently being developed, would incorporate existing items from within the Constitution that provide greater detail in support of items addressed and include new provisions to further support the Constitution. The IFAC Board would have authority to amend the Bylaws with immediate effect until the next Council meeting, at which time the Council would need to approve the amendment for it to become permanent.
- IFAC Policies and Procedures Manual. The manual, also a new document currently being developed, would contain policies and procedures determined by the IFAC Board and management to support the Constitution and Bylaws.